In 2016, there were one million fewer homeowners in the United States than in 2006 according to a study conducted by the Rosen Consulting Group. Especially among those below 40, homeownership rates have dropped to historic lows. This can be attributed to a number of causes, but the end result is that more Americans are renting, and renting later into life, than in previous generations. And yet, while 97 percent of homeowners carry some form of homeowner's insurance, only 37 percent of renters have renter's insurance. There are many practical reasons to have renter's insurance, and here are three people might not know.
It Doesn't Just Protect Your Things
Most people know that renter's insurance covers losses to personal property like furniture, electronics, jewelry, and other valuables in the rental unit. What many don't know is that most policies also provide liability coverage in the event that someone gets injured while in the rented property. In the event of an accident, renter's insurance can help tenants avoid the expense of a personal injury lawsuit.
Coverage Doesn't Stop at Your Door
A renter's insurance policy extends coverage to the policyholder's personal property, whether that property is in the home, at work, or elsewhere. An
auto insurance policy might not cover theft of, say, a laptop from a vehicle. A renter's insurance policy would. One of the best benefits of renter's insurance is that it covers personal belongings from theft or damage even while traveling.
It Doesn't Have to Cost a Fortune
In fact, renter's insurance is surprisingly affordable. The national average for a renter's insurance policy is around $180 per year. The cost varies based on factors such as deductible amount, coverage limit, and location. In Massachusetts, policies are slightly higher than elsewhere in the country, with an average annual cost of $263. Still, in almost all cases people can purchase protection for less than one dollar a day.
Connell & Curley Insurance Agency Inc. has been providing peace of mind to the people of the Bay State for over 50 years. Our
highly specialized staff can help you with everything from renter's insurance to
health and
life insurance. As an independent insurance agency, our business is built on a personal connection developed by going the extra mile for our customers. Fill out our
online form or call (508) 655-1112 today to get a quote for your renter's insurance policy.
